Textbook Problem

Foreign Exchange Market Efficiency Assume that foreign exchange markets were found to be weak-form efficient. What does this suggest about utilizing technical analysis to speculate in euros? If MNCs believe that foreign exchange markets are semistrong-form efficient, why would they develop their own forecasts of future exchange rates? That is, why wouldn’t they simply use today’s quoted rates as indicators about future rates? After all, today’s quoted rates should reflect all relevant information.